700 should not be a problem. I read on credit forums that Mazda's threshold for upper tiers was around 680. I was around 720 when I leased in May and had no problem getting the "well qualified" offer.Anyone have any experience with leasing who can give me an idea of what I can expect as someone with about a 700 credit score? I'm assuming i won't qualify for the lowest "well qualified lessees" rates, but hoping it's not going to be that bad. Looking for a CX-5 soon but not sure of what to expect insofar as payment. I've been a lifelong Hyundai guy (ugh....long story), but have no idea what to expect with Mazda or how they tier folks according to credit score.
Funny, isn't it? We add debt and our scores go up. During the process of getting finance rates my credit union had me pre-approved for a $10k line of credit. Didn't have to use it, there was no charge to have it, but the simple fact that it increased my equity helped bump my score higher. Also, there's a pretty big difference between scores with the 3 credit companies. It seems Experian tends to show higher scores than Trans Union and Equifax. My scores ranged from around 725 up to 780. Luckily the banks that counted had looked at the Experian score and I was approved for everything under the sun that I wanted. Nice change of pace after having killed my credit years ago when I had gone back to school.
Regarding the original question, from what I've seen 720 does appear to be the cutoff for the best rates.
I qualified for the 0% financing last September, but only just barely. My score at the time was right around 720-725. Since acquiring new form of debt in the form of a car loan (after only ever having credit cards), my score is around 745-750.
Thanks for the feedback guys. My score is actually closer to 680 at this moment which is why i am waiting a couple months trying to get it up a bit.
Regardless though, going to be miles ahead of where i was with my current lease that has me paying 300/mo for a subcompact sedan. Ive managed to raise my cs 150 poibts since then!
I qualified for the 0% financing last September, but only just barely. My score at the time was right around 720-725. Since acquiring new form of debt in the form of a car loan (after only ever having credit cards), my score is around 745-750.
